Reference no: EM132788161
On January 1, 2019, Alea Company classified non-current assets as held for sale that had a carrying amount of P2,500,000. On this date, the assets are expected to be sold for P2,300,000. Reasonable and expected disposal cost to be incurred for sale was expected at P100,000. By December 31, 2019, the asset had not been sold and management after considering its options decided to place back the non-current asset into operations. On that date, Alea Company's managers estimated that the non-current asset was now expected to be selling at P1,800,000 with the disposal cost of P50,000, while depreciation for 2019 was computed at P500,000 if the non-current asset was not classified as held for sale.
Problem 1: What amount of impairment loss should HP company recognize at the date the asset was classified as held for sale?
Problem 2: At how much should the asset be reported on December 31, 2019 when the entity decided to place back the non-current asset into operations?
Problem 3: What amount of impairment loss should HP company recognize at the date the asset was classified as held for sale?
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